However, OCBC economists think rate cuts may have to wait. BSP Governor Eli Remolona communicated earlier that the bank was mulling a rate cut in August but after the July CPI release, he noted that the BSP is "always open" to off-cycle policy, OCBC's Lavanya Venkateswaran and Jonathan Ng said.
UOB economists call for a hold in August, but don't rule out the chance of an off-cycle rate cut in September if the Fed starts its own easy cycle and the current global market turmoil worsens.
"While data suggest that our prevailing forecast of a 25bps rate cut by BSP may be a very close call, it would not be long before BSP starts its easing cycle, Deutsche Bank economist Huang said.
SINGAPORE
Singapore watchers will be looking at revised data for the city-state's second-quarter gross domestic product, which is due out on Tuesday.
According to advance estimates, Singapore's economy grew 2.9% from a year earlier in the second quarter. Factoring in the June industrial production data and assuming a slight moderation in services compared with the advance estimate, UOB's Alvin Liew expects a downward revision to the second-quarter growth print.
Market participants will also monitor July non-oil domestic exports data, which is due out on Friday, for clues on the city-state's economic recovery. In June, non-oil domestic exports fell 8.7% from a year earlier, following the 0.7% decline in May.
UOB's economics team takes a more optimistic view on trade, expecting a slightly stronger rebound in exports. Barclays economists anticipated that a favorable base effect likely resulted in a smaller on-year decline in July, despite still-lackluster sequential dynamics.
Any references to days are in local times.
--Additional reporting by Megumi Fujikawa, Ronnie Harui, James Glynn, Joshua Kirby, Renae Dyer, Emese Bartha, Miriam Mukuru and Dominic Chopping
Write to Jessica Fleetham at jessica.fleetham@wsj.com and Fabiana Negrin Ochoa and fabiana.negrinochoa@wsj.com
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08-12-24 0314ET
